In this technical blog, we’re going to take a quick look at the Elliott Wave charts of EURJPY published in the member’s area of the website. As our members knew, we’ve been favoring the long side in EURJPY.
Euro Yen shows an incomplete bullish sequence from 07 March 2022 low favoring the further upside.
The short-term Elliott Wave view in the pair made a rally from March 07, 2022 low is unfolding as a 5 waves impulse Elliott Wave structure and ended 21 April 2022. Up from 21 April 2022, wave 1 ended at 140.000, and a pullback in wave 2 ended at 132.600.
The pullback in wave 2 unfolded as a zigzag structure. Up from wave 1, wave ((a)) ended at 134.800, wave ((b)) ended at 138.300, and wave ((c)) ended at 132.600 which completed wave 2. Wave ((c)) ended at the 100% – 161.8% Fibonacci extension of wave ((a)). This area is denoted as a Celeste box on the chart. Pair has resumed higher in wave 2 and expect any short-term dips to find support in 3, 7, or 11 swings for further upside.
EURJPY 1 Hour Elliott Wave Chart 11 May 2022
EURJPY 1 Hour Elliott Wave Chart 12 May 2022
EURJPY 1 Hour Elliott Wave Chart 06 Jun 2022
EURJPY 1 Hour Elliott Wave Chart 08 Jun 2022
The chart shows buyers did appear in the Celeste box and the EURJPY cross rallied strongly gaining over 1000pips within a few weeks of reaching the Celeste box. It made a new high above April 2022 peak to create an incomplete bullish sequence as well. Members are long from the Celeste box and enjoying nice profits.
High-Frequency Trading Techniques and Measurements
High-Frequency Trading - A high-frequency trading system is a trading technique that utilizes strong PC projects to execute many trades in a negligible part of a second. This is a
Trading Psychology – Master Your Feelings
Trading Psychology - Many experienced traders say that the most troublesome test they face while turning into a broker is defeating their outlook. Trading brain research alludes to the feelings
Master Your Forex Trading Timetable – Tips for Ideal Trading Times
Forex Trading Timetable - The unfamiliar trade market, otherwise called the unfamiliar trade market, is the biggest and most fluid monetary market on the planet. With trillions of dollars traded
Liquidity Providers and Market Makers – What’s the Difference?
Liquidity Providers and Market Makers - The field of capital business sectors is a mind-boggling arrangement of interrelated components that cooperate to guarantee the security of the trading system of
Top 10 Best Common Mistakes to Avoid When Trading Forex
Common Mistakes - Forex trading can be a rewarding investment opportunity, yet it can likewise be an unsafe business. Achievement requires information, discipline, and cautious direction. Tragically, many dealers commit
The Role of The Central Bank in The Foreign Trade Market
Role of The Central Bank - A central bank is a financial organization that supervises a country's money-related system, including cash dissemination and financing costs. They are answerable for advancing
